A bill for an act modifying economic development provisions relating to housing and residential development in urban renewal areas.

HF 1037 modifies economic development and urban renewal provisions to encourage housing development, affecting municipalities and housing developers. The bill expands the definition of "economic development" to include the provision of workforce housing and requires public bodies to consider workforce housing development policies. For housing projects in certain urban renewal areas, it caps the required amount of low and moderate-income housing at 20% of the original project cost. Additionally, the bill extends the period for collecting tax increment financing revenue for these specific projects to 20 fiscal years.